TotalEnergies Inks Deal To Decarbonize Its European Refineries

TotalEnergies SE TTE inked a deal with a German distribution company, VNG, for the future supply of green hydrogen to its Leuna refinery in Germany. 

As per the deal, VNG, with its partner Uniper SE UNPRF, will build and operate a 30 MW electrolyzer in Bad Lauchstädt Energy Park for production of green hydrogen from renewable electricity.

The agreement is aimed at decarbonizing the Leuna refinery, with an expected reduction of the site's annual CO2 emissions by up to 80,000 tons by 2030.

Moreover, the pipeline connection to the Bad Lauchstädt Energy Park will aid the Leuna refinery in accessing the future European hydrogen infrastructure and the international markets for green hydrogen. 

TTE has been focusing on decarbonizing the hydrogen used in its European refineries, expecting to reduce CO2 emissions by 3 Mt annually by 2030. 

Last year, TTE penned a deal with Air Liquide SA AIQUF to produce and harness renewable hydrogen.  

Also Read: TotalEnergies Inks 25-Year Power Purchase Agreement For 1 GW Wind Project In Kazakhstan

Price Action: TTE shares are trading higher by 2.88% at $58.93 on the last check Wednesday.